Bizwit Research & Consulting LLP is a global provider of business intelligence & consulting services. We have a strong primary base of key industry leaders along with the chain of industry analysts to analyze the market trends and its future impact in order to estimates and forecast different business segments and markets. 

Global Pet Insurance Market to reach USD XX billion by the end of 2029

Global Pet Insurance Market Size study & Forecast, by Policy (Illnesses and Accidents, Chronic Conditions, and Other Policies), Animal (Dog, Cat, and Other Animals), Provider (Public and Private) and Regional Analysis, 2022-2029

Product Code: BFBFSI-24737501
Publish Date: 25-01-2023
Page: 200

Global Pet Insurance Market is valued at approximately USD xx billion in 2021 and is anticipated to grow with a healthy growth rate of more than 7.1% over the forecast period 2022-2029. Pet Insurance is a policy that is purchased by the pet owner to cover the costs of expensive veterinary bills of pets. The Pet Insurance market is expanding because of factors such increasing number of pets adoptions and rising awareness regarding pet insurance. This market is dominated by Anicom Holdings Inc., Embrace Healthy Paws Pet Insurance, LLC, Pet Insurance Agency LLC, Hartville Group, Dotsure.co.za, Figo Pet Insurance LLC, and Oneplan.

An increase in pet adoptions is driving the market for pet insurance, and growing concerns of pet owners are driving this market. Many people adopt pets as companions. Most of the time, cats or dogs are the preferred animals to keep as pets. According to 2021-2022 National Pet Owner Survey conducted by the American Pet Products Association (APPA), pet ownership increased from her 67% to 70% of US households. Millennials represent the largest cohort of pet owners at 32%, followed by Baby Boomers (27%) and Generation X (24%). And according to a 2020 report published by dosomething.org, about 7.6 million pets enter US shelters each year. Among them are about 3.9 million dogs and about 3.4 million cats. The rising disease in pet animals is also propelling the growth of this market. As well as many dogs and cats suffer from ticks and fleas cause harmful effects on health. The rate of cancer disease in pets is similar to disease caused by humans. According to the Veterinary Cancer Society reports, June 2020, cancer is the leading cause of death in 47% of dogs worldwide, especially in dogs over the age of 10. In addition, the prevalence of several diseases among dogs and the high prices of treatments is expected to increase the opportunity for this significant market. However, the lack of standardized pet health codes for reimbursement and low adoption in emerging countries stifles market growth throughout the forecast period of 2022-2029.

The key regions considered for the Global Pet Insurance Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the market in terms of revenue, owing to the dominance of branded products and the region’s increasing disease and illness among animals. Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as rising pet adoption, an increase in disease and illness in animals, and active participation of government and nonprofit organizations in the market space. According to China’s State Council in 2020, about 73.55 million households had pets, of which 46.1% have dogs and 30.7% have cats in 2019, the proportion of pet dogs was 34.0% and for cats was 20.0%. The increasing adoption of pets is also a major reason for the growth of this segment.

Major market player included in this report are:
Embrace Pet Insurance Agency LLC
Anicom Holdings Inc.
Hartville Group
Healthy Paws Pet Insurance LLC
Figo Pet Insurance LLC
The Oriental Insurance Company Ltd
Metlife Services and Solutions LLC (Petfirst Healthcare LLC)

Recent Developments in the Market:
 In December 2021, Chewy Inc., a leading online website widely known for pet owners and partners, and Trupanion Inc. Japan, is an leader brand in in pet health insurance industry, will expand their special suite of pet health insurance and wellness plans announced a partnership to provide more than 20 million Chewy customers.
 In September 2021, AI-powered insurer Lemonade introduced a new pet health insurance policy for puppies and kittens (Lemonade Pets).

Global Pet Insurance Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Policy, Animal, Provider, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Policy:
Illness and Accident
Chronic Condition
Others Policy

By Animal:
Other Animals
By Provider:

By Region:
North America
Asia Pacific
South Korea
Latin America
Rest of the World

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2019-2029 (USD Billion)
1.2.1. Pet Insurance Market, by Region, 2019-2029 (USD Billion)
1.2.2. Pet Insurance Market, by Policy, 2019-2029 (USD Billion)
1.2.3. Pet Insurance Market, by Animal, 2019-2029 (USD Billion)
1.2.4. Pet Insurance Market, by Provider, 2019-2029 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Pet Insurance Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Pet Insurance Market Dynamics
3.1. Pet Insurance Market Impact Analysis (2019-2029)
3.1.1. Market Drivers Increasing Number of Pet Adoption Rising Awareness Regarding Pet Insurance
3.1.2. Market Challenges Lack of Standardized Pet Health Codes for Reimbursement Low Adoption in Emerging Countries
3.1.3. Market Opportunities Prevalence Of Several Diseases Among Dogs and The High Prices of Treatments
Chapter 4. Global Pet Insurance Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Futuristic Approach to Porter’s 5 Force Model (2019-2029)
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. Industry Experts Prospective
4.7. Analyst Recommendation & Conclusion
Chapter 5. Risk Assessment: COVID-19 Impact
5.1. Assessment of the overall impact of COVID-19 on the industry
5.2. Pre COVID-19 and post COVID-19 Market scenario
Chapter 6. Global Pet Insurance Market, by Policy
6.1. Market Snapshot
6.2. Global Pet Insurance Market by Policy, Performance – Potential Analysis
6.3. Global Pet Insurance Market Estimates & Forecasts by Policy 2019-2029 (USD Billion)
6.4. Pet Insurance Market, Sub Segment Analysis
6.4.1. Illnesses and Accidents
6.4.2. Chronic Conditions
6.4.3. Other Policies
Chapter 7. Global Pet Insurance Market, by Animal
7.1. Market Snapshot
7.2. Global Pet Insurance Market by Animal, Performance – Potential Analysis
7.3. Global Pet Insurance Market Estimates & Forecasts by Animal 2019-2029 (USD Billion)
7.4. Pet Insurance Market, Sub Segment Analysis
7.4.1. Dog
7.4.2. Cat
7.4.3. Other Animal
Chapter 8. Global Pet Insurance Market, by Provider
8.1. Market Snapshot
8.2. Global Pet Insurance Market by Provider, Performance – Potential Analysis
8.3. Global Pet Insurance Market Estimates & Forecasts by Provider 2019-2029 (USD Billion)
8.4. Pet Insurance Market, Sub Segment Analysis
8.4.1. Public
8.4.2. Private
Chapter 9. Global Pet Insurance Market, Regional Analysis
9.1. Pet Insurance Market, Regional Market Snapshot
9.2. North America Pet Insurance Market
9.2.1. U.S. Pet Insurance Market Policy breakdown estimates & forecasts, 2019-2029 Animal breakdown estimates & forecasts, 2019-2029 Provider breakdown estimates & forecasts, 2019-2029
9.2.2. Canada Pet Insurance Market
9.3. Europe Pet Insurance Market Snapshot
9.3.1. U.K. Pet Insurance Market
9.3.2. Germany Pet Insurance Market
9.3.3. France Pet Insurance Market
9.3.4. Spain Pet Insurance Market
9.3.5. Italy Pet Insurance Market
9.3.6. Rest of Europe Pet Insurance Market
9.4. Asia-Pacific Pet Insurance Market Snapshot
9.4.1. China Pet Insurance Market
9.4.2. India Pet Insurance Market
9.4.3. Japan Pet Insurance Market
9.4.4. Australia Pet Insurance Market
9.4.5. South Korea Pet Insurance Market
9.4.6. Rest of Asia Pacific Pet Insurance Market
9.5. Latin America Pet Insurance Market Snapshot
9.5.1. Brazil Pet Insurance Market
9.5.2. Mexico Pet Insurance Market
9.5.3. Rest of Latin America Pet Insurance Market
9.6. Rest of The World Pet Insurance Market

Chapter 10. Competitive Intelligence
10.1. Top Market Strategies
10.2. Company Profiles
10.2.1. Dotsure.co.za Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
10.2.2. Embrace Pet Insurance Agency LLC
10.2.3. Anicom Holdings Inc.
10.2.4. Hartville Group
10.2.5. Healthy Paws Pet Insurance LLC
10.2.6. Figo Pet Insurance LLC
10.2.7. Petplan
10.2.8. The Oriental Insurance Company Ltd
10.2.9. Oneplan
10.2.10. Metlife Services and Solutions LLC (Petfirst Healthcare LLC)
Chapter 11. Research Process
11.1. Research Process
11.1.1. Data Mining
11.1.2. Analysis
11.1.3. Market Estimation
11.1.4. Validation
11.1.5. Publishing
11.2. Research Attributes
11.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
We are dedicated to clearly communicating the purpose and objectives of each research project in the final deliverables. Our process begins by identifying the specific problem or challenge our client wishes to address, and from there, we establish precise research questions that need to be answered. To gain a comprehensive understanding of the subject matter and identify the most relevant trends and best practices, we conduct an extensive review of existing literature, industry reports, case studies, and pertinent academic research.
Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
After conducting the research, our experts analyze the findings in relation to the research objectives and the specific needs of the client. They generate valuable insights and recommendations that directly address the client’s business challenges. These insights are carefully connected to the research findings to provide a comprehensive understanding.
Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

Need Assistance

Contact Person -
Krishant Mennon
Call us @
+ 91 99931 15879
Email: sales@bizwitresearch.com


Why Choose Us?

Quality over Quantity

Backed by 60+ paid data sources our reports deliver crisp insights with no compromise quality.

Analyst Support

24x7 Chat Support plus
free analyst hours with every purchase

Flawless Methodology

Our 360-degree approach of market study, our research methods leave stones unturned.
Enquiry Now